Ethereum
Ethereum in Freefall, Bears Break $3,300: More Losses Ahead?
Ethereum is deep red at press time, down about 20% from March 2024 highs. Although the path of least resistance is heading north, aligning with the May 20 bull bar, it there are signs of weakness. This is especially true after the recent crash below the $3,300 support. At this rate, traders might consider shorting, trading the June 24 bearish breakout formation as they eye the May 20 low.
Traders want to follow the current trend and sell higher with each attempt. The bias shows the current performance of Ethereum. After days of lower levels, ETH is down about 3% the previous week. Given the June 24 breakthrough, participation has increased, reaching over $21 billion at the time of writing. Any follow-up from yesterday could see Ethereum collapse even further, falling to the crucial support levels set in May 2024.
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As bears continue their advance, traders are watching the following Ethereum news today:
- Ethereum May Be Down Today, But One Venture Capitalist Expects Even Bigger Selloffs Even Once Spot ETF launch in early July. The VC cited low institutional interest in the product and poor network cash flow as reasons for skepticism.
- Amid the ETH price plunge, network activity is also taking a hit. According to on-chain data, the average gas fees on Ethereum is at its lowest level in seven months. The contraction is partly due to the activation of Dencun in March.
Ethereum Price Analysis
ETH/USD is in red, down about 20% from March 2024 highs.
Even though sellers dominate, they have yet to completely reverse the gains of May 20.
Nonetheless, aggressive sellers can continue to add their positions, aiming for $2,800 after the break below $3,300 on June 24.
The only time this will change is if Ethereum bulls absorb the selling pressure, driving prices back above $3,300 and ideally to the June 24 highs.
In this case, there will be a bullish double-bar formation, potentially marking a local bottom and a resumption of the May 20 uptrend.